Naked Economics Ch. 1 - 13 | Quizizz

Naked Economics Ch. 1 - 13

Naked Economics Ch. 1 - 13

Assessment

Assessment

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Created by

Angela Gregory

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others

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Hard

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58 questions

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1.

Open Ended

30 sec

1 pt

Market Allocation

Evaluate responses using AI:

OFF

Answer explanation

agreements in which competitors divide markets among themselves. Firms will specify a location and customers they want to sell to. ex. Coca cola gained a huge market in east germany by passing free coke's through the berlin wall. Thus establishing a market in that location.

2.

Open Ended

30 sec

1 pt

Assume rational utility - maximizers

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OFF

Answer explanation

Individuals seek to maximize their utility, or do whatever is best for them to make themselves as well off as possible in the long run to fulfill their own preferences. ex. going to college will make you better off in the long run

3.

Open Ended

30 sec

1 pt

Opportunity Costs

Evaluate responses using AI:

OFF

Answer explanation

Every decision we make involves some sort of trade off. Often we may trade off utility now against utility in the future. ex. whacking your boss on the head to fulfill desire now will have less utility than suppressing your desire now to keep your job and make money.

4.

Open Ended

30 sec

1 pt

Profit Max

Evaluate responses using AI:

OFF

Answer explanation

Firms attempt to maximize profits. (ex. this is why goods are produced in china and why slaves were desirable to landowners)

5.

Open Ended

30 sec

1 pt

Prices allocate resources

Evaluate responses using AI:

OFF

Answer explanation

Things that are more rare are more expensive.

6.

Open Ended

30 sec

1 pt

Barriers to entry

Evaluate responses using AI:

OFF

Answer explanation

Factors that make it difficult and costly for an organization to enter a particular task environment or industry

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